The report, released in May, examines state-level elections to gauge the impact of campaign finance laws. Titled "Evidencing a Republican Form of Government: The Influence of Campaign Money on State-Level Elections," it follows the finances of candidates in each state, looking at their donors, expenditures, and disclosures, providing evidence of the deleterious effects that unrestrained campaign spending has on our democracy.

States with high or no contribution limits, for one, have dramatically fewer competitive races than those with public financing. For example, the Institute found that only 6 percent of 2010 elections in Georgia were competitive, compared with 75 percent of elections in Maine. Not coincidentally, Georgia has relatively high contribution limits, with winning candidates raising a median amount of $50,425, while Maine uses public financing and had a much lower fundraising median of $5,844.

Further, removing limits on contributions also appears to crowd out small donors. In Texas, a state where individuals are allowed to contribute unlimited sums directly to campaigns, the median fundraising gap between winners and losers for 2010 was a whopping $255,318. Meanwhile, just 4 percent of 2010 donations in the state were under $250, while 59 percent exceeded $10,000. In fact, the Institute’s data reveals that in Texas, nearly half of all political donations came from a few hundred people. In contrast, in Colorado, which has much stricter contribution limits, the equivalent half of all contributions came from about 35,000 people. The Institute found this pattern to be present in all 50 states.

Lax campaign finance law has a double effect: not only does it reduce the competitiveness of political races, allowing candidates with money to simply overwhelm their opponents with tides of spending, but it also drastically reduces small-donor participation in politics, concentrating power and influence in the hands of those with deep pockets. This, of course, is a problem – as DEMOS has pointed out, the elite “donor class” often has vastly different policy priorities than those of most Americans.

As corporations, wealthy individuals, and special interests continue to adjust their election strategies in the wake of Citizens United, pouring ever more money into political campaigns, the conclusions of this report are cause for worry. Fortunately, the American people are not sitting idly by while our democracy is threatened. We are mobilizing.